JP Morgan
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Institutional investors’ appetite for European leveraged loans may have passed its peak, after a second term loan ‘B’ in quick succession failed to attract the expected support this week, writes Ross Lancaster. -
Deutsche Annington, the German housing company, on Wednesday brought its fifth bond issue since its rebirth last summer as a listed company that issues unsecured bonds. An objective of the deal was to increase Deutsche Annington’s following with German investors, and it succeeded in this aim.
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Peripheral European borrowers are set to benefit from a lack of competing supply and red hot demand this month. Conditions are strong enough this week for Portugal to launch a dollar bond in the tricky 10 year maturity, despite troubles affecting one the country’s leading banks — plus a short benchmark execution window.
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Chinese company Giant Interactive has closed its $850m leveraged buyout loan almost three months after it opened into syndication, with eight banks joining the deal.
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DE Master Blenders, the Dutch coffee company, has shifted €1bn of its €7.5bn acquisition loan out of term loan 'B's and into an extra term loan 'A', as bank demand has proved stronger than expected, even outstripping that from institutional investors.
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IMO Car Wash is to issue a €240m bond to finance its takeover by TDR Capital.
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Phoenix Group-owned PGH Capital is set to issue an unrated sterling denominated senior bond, representing the UK insurer’s debut in the bond markets under its Phoenix brand.
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Independent Clinical Services, the UK temporary staff provider for health services, is raising a £239.5m loan to back its acquisition by Towerbrook Capital Partners.
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One week after unveiling the identities of its partners, Alibaba is back in the spotlight once again with another piece of update to its jumbo IPO. The e-commerce giant has finally chosen the New York Stock Exchange as the home for its American Depositary Shares under the ticker symbol "BABA".
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The UK Debt Management Office raised £5bn of January 2045 money this week with a deal that was several times subscribed — despite the potential of an appearance by the governor of the Bank of England before the Treasury Select Committee to induce volatility in sterling bond markets during the book-build. The deal was one of two DMO syndications this week, coming a day before its debut sukuk bond (see cover story).
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Investors said that Grupo Bimbo had priced its $1.3bn dual-tranche bond “to perfection” after the Mexico-based global bakery firm sold 10 and 30 year debt well inside its existing curve on Tuesday and then saw its bonds remain stable in the secondary market.
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